Castle Hill

Location

Castle Hill is a growing, desirable suburb in the Hills Shire Council, in Sydney’s northwest. The Property is approximately 23 kilometres to the Sydney CBD, and only ten kilometres to Parramatta CBD. Within immediate proximity to the subject site are several transport routes, including Castle Hill Metro station which is a five-minute bus from the Property, the M2 which is only a ten-minute drive and the express bus to the city which is only a five-minute walk. The Property is well located within the area, with Castle Towers Shopping Centre, Norwest Business Park, public schools, and other amenities within a five-kilometre radius.‍

Development Project

The project Property is located at Church Street, Castle Hill NSW 2154. The property is situated over 3,176 square metres of land, with frontage to Church Street of over 55 metres.

The project will comprise 13 x two-bedroom townhouses and one x three-bedroom townhouse, situated over one level of basement parking comprising 34 car spaces. Each townhouse will have a two car lock up garage, storage, and private direct lift access to their townhouse.‍

Purpose

The loan is provided to assist with refinance of the existing lender and construction of 14 residential townhouses located at Caste Hill, NSW.‍

Construction Progress

As of November 2023, the construction is 35.38% complete against cost.‍

Pre-sales

The project has achieved six pre-sales, resulting in a net realizable value of $8.78mil, which provides a net debt coverage of 52.09%.‍

Exit Strategy

The primary exit strategy is through sale of the Property upon completion of the Project. Secondary exit is through partial sell-down of the Property on completion and refinance of the residual debt through a residual stock facility with banks.